11.) My neighbor loves to practice his golf swing in the backyard. So far he has broken our picture window three times. What a relief to know that he has this policy in force.

12.) When my son turned 18 he was licensed to drive. Now that means the family car is never idle. In case of an accident, this policy would respond.

13.) My business information is on my computer. If such information was to be accessed by an unauthorized person, this policy would help pay costs associated with such a breach.

14.) I sure hope that the person in my company in charge of making decisions as to how we invest our 401K money knows what he is doing. If not, this policy might be needed to set him and us straight.

15.) Even those at the top of the “food chain” are not exempt from being held responsible for making errors, leaving out information, or making misleading statements in the course of their jobs. A claim against one of these very important executives could be handled by one of these policies.

With the holidays upon us and all those jewelry advertisements shouting at us day and night, I can’t help thinking about insuring all those new baubles, bangles and beads that will be found under our Chanukah lights and/or in our Christmas stockings this year.

I remember when my daughter became engaged. She, having no interest in jewelry and knowing nothing about diamonds, described it to me as one big circular stone with two smaller circular stones on each side. I, in turn, immediately thought about insurance. When I broached the subject with my son-in-law to be, he assured me that their tenant’s policy would take care of it should anything happen. Well, that actually might be true if the ring was a zircon rather than a diamond (and a beauty at that). While it is true that the typical homeowners/tenants policy does provide coverage for many types of jewelry loss, including theft, the coverage is very limited. As for theft coverage, often there is a cap per item or a blanket limit for all jewelry which is insufficient to cover such an expensive item. Statistics indicate that theft of a diamond ring is more apt to occur than a fire.

Other items, best insured individually, include furs, watches, and collections of various kinds to name just a few. Such items are usually scheduled on a “Floater Policy” with worldwide coverage, for a specifically stated amount determined by an appraisal.

If you are lucky enough to get engaged during this holiday season, congratulations! If not, and you just get a very expensive present, check to make sure that the item is insured for its full value.

6.) When one of our workers complained of having ruptured a spinal disc as a result of installing a huge boiler in a downtown office building, we were glad that this policy was available.

7.) When we discovered that our bookkeeper, Isabelle, was embezzling money and paying herself and her friends out of our company’s profits, you had best believe that we made a claim under this policy.

8.) My dentist, my doctor, the local deli, my barber and my beauty shop all have this form of insurance policy. If you are starting a new, small business, one way to obtain good fire and liability coverage and still save money is to purchase this policy.

9.) My Uncle Byron thinks he is the greatest accountant in the world, but if he makes a mistake and I am called into the IRS, you better believe that I will make a claim against his policy.

10.) My business is multi-faceted. I ship goods to and from China, I manufacture a lot of products here and abroad. My products are sold in stores, at flea markets, from door to door and in major department stores. If someone says that my product caused them injury, I had better be prepared to have the claim defended. This policy says that the duty to defend is greater than the duty to pay.

We are all purchasers of insurance policies whether it’s a Commercial policy or a Personal policy, but do we really know what we are buying and which policy would respond to a claim? Take this 5 question quiz and test your insurance IQ:

1.) Last year my daughter flew to Africa nine times in connection with her job. On the last trip her plane had an accident on the ground and a number of people in her company were injured. It is a good thing that her company had this policy in force.

2.) In the era of allegations against firms for wrongful hiring practices, gender discrimination and sexual harassment, every business should consider this coverage as part of their insurance program.

3.) There is no doubt that we live in a very litigious society. When we receive a claim against us personally or professionally, and the claimant is asking for a $5 million settlement, this is surely the policy to have.

4.) We send our drivers for defensive driving courses and check their motor vehicle records prior to hiring them. However, now and then they do get into accidents and that is when we are very glad to have this insurance in place

5.) My husband loves to play softball on the weekends. However, when he broke his leg and had to be out of work for six weeks, we were grateful that his employer provided this insurance.

Petschauer Insurance wishes all our loyal clients a very Happy Holiday and a prosperous new year! Please take a few minutes to see how you can give back to our community. Watch our latest “Ask Sherri” video spotlighting a special charity, PetsAlive.

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Do you have an insurance question? If so, e-mail it here and our insurance professional Sherri will give you the scoop on all you need to know. Your question might also appear in our Ask Sherri video series!

Ask Sherri
Do you have an insurance question? If so, e-mail it here and our insurance professional Sherri will give you the scoop on all you need to know. Your question might also appear in our Ask Sherri video series!

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